Allstate shares flat after earnings beats expectations

NEW YORK (MarketWatch) -- Allstate Corp.
ALL, -0.26%
said its saw profits of $645 million, or $1.39 per share, in the second quarter, compared to $434 million, or 92 cents a share, in the year ago period. Adjusted earnings were $445 million, or $1.01 per share. Revenue for the Northbrook, Ill.-based insurer was $8.86 billion, compared to $8.78 billion a year ago. Analysts expected 69 cents a share on revenue of $7.45 billion. The nation's largest public personal property and casualty insurer by market value said its second-quarter catastrophe losses were up 44.7% to $936 million, compared to $647 million in the same period a year ago. The number of property-liability premiums written rose 4% to $7.2 billion. The insurer's property-liability underlying combined ratio was 84.7 in the second quarter, 2.2 points better than the prior-year quarter due to an improvement in underlying loss costs. Shares flat in after-market trading.

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